Fiserv and Central Payments deliver modern issuance capabilities to Fintechs and financial institutions
Strategic relationship promotes built-in finance capabilities that help brands create innovative debit programs in step with the reality of people’s lives
BROOKFIELD, Wisconsin, March 20, 2023–(BUSINESS WIRE)–Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payment and financial services technology solutions, and Central Payments LLC, a bank-as-a-service (BaaS) provider, are it enables fintechs, enterprise companies and payment processors to bring financial products and services to market with greater speed and growth potential.
The combination of the Fiserv technology stack, including a real-time core, card processing and issuance, with Central Payments’ award-winning Open*CP Fintech API Marketplace®, which includes program management and compliance monitoring, enables fintechs and almost any other business to create valuable products and services that more holistically meet the growing expectations of consumers and small businesses. For those with established card programs, this gives access to more comprehensive and regulated core banking and payment services.
As fintech offerings have become more robust, so has consumer demand to access their money through digital experiences outside of traditional banking channels. In many cases, this means enabling unchartered fintechs and other businesses to provide financial services, such as debit cards, secured credit, stored value cards, unsecured credit and more. Fiserv and Central Payments bring together a BaaS platform, products and services and access to a network of sponsor banks to support a wide range of innovative use cases across retail and enterprise.
“As fintech and financial institutions work together to create compelling financial offerings, speed to market, a robust and flexible technology stack and streamlined operations are critical,” said Sunil Sachdev, Head of Fintech and Growth at Fiserv. “Together, Fiserv and Central Payments can deliver these requirements without compromising the compliance and risk controls necessary to protect all parties.”
Fiserv and Central Payments provide everything needed for a fintech or other company to connect with a sponsor bank, launch and manage unique payment products and services. Fiserv financial institution clients pursuing a fintech partnership can also engage with Fiserv and Central Payments for in-market program management support.
“This combination of technology, services, program management and banking partners will help any business become a fintech without the need to add staff or expertise to manage the program internally,” said Eric Cotton, Executive Vice President and General Manager of Central Payments. “Those who may want to manage the program in-house can also use our services as a lower-risk model to get to market quickly with a proof-of-concept.”
In a world that moves faster than ever before, Fiserv helps customers deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
About central payments
Central Payments provides payment technology and issuance solutions for fintech and embedded finance businesses, making financial experiences better®. The company’s Open*CP API Marketplace is one of the only “REAL” bank-as-a-service (BaaS) payment platforms built by fintech bankers with issuance capabilities built-in. Open*CP’s vertical integration and its native-to-the-cloud technology are the drivers responsible for the rise of Central Bank of Kansas City, Central Payments’ issuing bank, to be the fastest growing prepaid card issuer from 2015 to 2020* . The company also runs Falls Fintech, its startup fintech accelerator and produces Fintech Brews & News, a podcast dedicated to bridging the gap between banking, startups and the entire fintech industry. Visit Central-Payments.com and follow on LinkedIn for more information.
*Source: The Nilson Report.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) strives to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant procurement and processing; and Clover® cloud-based point of sale and business management platform. Fiserv is a member of the S&P 500® index and one of Fortune® The world’s most admired companies™. Visit fiserv.com and follow us on social media for more information and the latest company news.
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Contacts
Media contact:
Ann S. Cave
Vice President, External Communications
Fiserv, Inc.
678-325-9435
[email protected]
Media contact:
Melissa Otten
Director of Marketing and Communications
Central Payments, LLC
605-354-5451
[email protected]
